August-2024 Home Sales Trends in Broward County, Florida
Investors, let's delve into the correlation between these key real estate metrics to provide you with a comprehensive analysis of the current market conditions.
First, let's look at the Months Supply of Inventory, which stands at 4.07. This indicates that it would take approximately 4.07 months to sell all the current inventory of homes on the market, suggesting a balanced market between supply and demand.
The 12-Month Change in Months of Inventory has increased by +33.88%, indicating a trend of increasing inventory levels over the past year. This could potentially lead to a more competitive market for sellers and more choices for buyers.
The Median Days Homes are On the Market is 32, which is relatively low and suggests that homes are selling quickly in this market. This could be attributed to high demand and limited inventory.
The List to Sold Price Percentage is 96.9%, indicating that homes are typically selling very close to their list price. This could be a sign of a strong seller's market where buyers are willing to pay close to asking prices.
Lastly, the Median Sold Price is $605,000, reflecting the average price at which homes are selling in this market. This information can help investors gauge the overall value and potential returns on investment in the current market.
Overall, these metrics paint a picture of a market with balanced supply and demand, increasing inventory levels, quick sales, strong seller's market conditions, and a healthy median sold price. Investors may want to consider these factors when making decisions about buying or selling in this market.
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By
Brian Rice
Brian is the owner and managing Broker at Real Estate Kingz LLC, a Florida licensed Real Estate Brokerage. You can contact Brian at 866-735-4649 (866-Re-Kingz) or visit BrianRiceRealtor.com